Rivian stock surges 36% after announcing $5 billion joint venture with Volkswagen
This partnership, which could see investments reaching $5 billion by 2026, aims to form a joint venture for sharing knowledge on EV architecture and software.The collaboration is expected to fast-track Volkswagen's plans to create software-defined vehicles, with Rivian providing its existing intellectual property rights to the joint venture.
The automotive industry is currently navigating through unique challenges. While EV startups are dealing with reduced demand due to high-interest rates and limited funds, traditional carmakers are trying to master the production of battery-powered vehicles and advanced software. Besides the direct investment, Volkswagen and Rivian plan to form a joint venture to develop next-generation electric vehicle architecture. Both companies will equally control the joint venture, each holding a 50% stake.
Volkswagen would also provide a payment of $1 billion upon the joint venture's foundation in 2024, followed by a loan of $1 billion in 2026. If the joint venture is successfully implemented and further milestones are achieved, Volkswagen's total investment in Rivian and the joint venture could amount to $5 billion by 2026.The proposed transaction could lead to an unexpected cash outflow of up to 2 billion EUR in the current fiscal year.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Rivian shares soar 30% after Volkswagen takes $1 billion stakeVolkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Les mer »
Rivian shares soar 30% after Volkswagen takes $1 billion stakeVolkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Les mer »
The 36 Best Korean Films Streaming on Netflix Right NowQuinci is a Contributing Culture Editor who writes pieces and helps to strategize editorial content across TV, movies, music, theater, and pop culture. She contributes interviews with talent, as well as SEO content, features, and trend stories.
Les mer »
Supermassive black hole winds blowing at 36 million miles per hour can sculpt entire galaxiesRobert Lea is a science journalist in the U.K. whose articles have been published in Physics World, New Scientist, Astronomy Magazine, All About Space, Newsweek and ZME Science. He also writes about science communication for Elsevier and the European Journal of Physics. Rob holds a bachelor of science degree in physics and astronomy from the U.K.
Les mer »
Adams County SPCA provides update on 36 animals rescued from 'horrible' conditions in school busThe organization says most of the animals are doing well, but some had to be put down.
Les mer »
36 Things That'll Make Your Backyard Your Private OasisThink of all the fancy frozen drinks you can buy when you save money skipping vacation and having the ultimate ~staycation~ instead. 🍹
Les mer »